For planning purposes, experts recommend that boards assume that a CEO search and selection process takes four to six months.
Sometimes unanticipated things happen, and boards should ask themselves: how would we want our organization to fare during that significant time period of CEO transition, planned or unplanned?
Whether or not a transition date is known, boards should answer these five questions:
- Has a potential interim CEO been identified (or at least a list of competencies and attributes needed from an interim executive)?
- Are the internal and external talent pools being adequately monitored?
- Are talented insider candidates being helped to develop leadership experience?
- Is it known who will serve on the search committee and be search chair?
- Is it known who will handle communications with the staff and other stakeholders once the CEO departs?
Learn more in the CEO Search Committee Guide.
